Palos Verdes Homes 2016 Neighborhood Sales First Half
In my article last week, I discussed the overall sales numbers for single family Palos Verdes homes sold in the first half of 2016 with the number of homes sold (almost the same as last year 348 vs 349), an increase in the median sales price (4.4%) and and increase in the average price per square foot (2.7%). Even though inventory of Palos Verdes homes increased a bit, multiple offers were common. Below is information on specific Palos Verdes neighborhoods. The chart above can be enlarged by clicking on it or go to the “Statistics” tab above.
The West Palos Verdes area of Rancho Palos Verdes posted the largest gain in average sales price for Palos Verdes homes – $3,559,847 for the first half of 2016 compared to $2,249,817 in the first half of 2015 for a 58% gain, followed by Valmonte (14.7%) and La Cresta (13.4%). Palos Verdes Drive North, the City of Rolling Hills, Palos Verdes Drive East, Mira Catalina, Country Club, Los Verdes, Crest, Peninsula Center, Silver Spur, and Eastview/RPV also showed gains in average sales price the first half of 2016. Monte Malaga posted the largest decrease in average sales price – $2,001,962 in the first half of 2016 compared to $3,334,917 in 2015 (40%).
All neighborhoods, except Monte Malaga, the City of Rolling Hills, and Palos Verdes Drive South posted gains in average square foot price in the first half of 2016. West Palos Verdes and Malaga Cove posted the largest gains in average square foot price for Palos Verdes homes sold – a 19.5% and 14.1% increase respectively. West Palos Verdes increased to $739 in 2016 from $618 the first half of 2015 and and Malaga Cove increased to $1,003 in 2016 from $879 the first half of 2015. Square footage price in Monte Malaga posted the largest decrease 21.1% – $674 in 2016 from $855 the first half of 2015.
Palos Verdes Drive North posted the largest number of Palos Verdes homes sold in the first half of 2016 – 45 Palos Verdes houses. Palos Verdes Drive North also posted the biggest gain in home sales – 45 homes in the first half of 2016 compared to 31 homes in 2015. Monte Malaga, Malaga Cove, Mira Catalina, Palos Verdes Drive South, La Cresta, Los Verdes, and Eastview/RPV also had an increase in the number of Palos Verdes homes sold the first half of 2016.
Chart courtesy of RE/MAX Estate Properties
